Major PV equipment supplier, centrotherm photovoltaics, said it had successfully restructured the company under insolvency proceedings, securing around 900 jobs.
The Ulm District Court has approved centrotherm photovoltaics' insolvency plan, enabling the company to operate independently once again. Subsidiaries, centrotherm thermal solutions and centrotherm SiTec GmbH, are also expected to have proceedings halted.
As previously planned, creditors have agreed a debt-for-equity swap and will hold a majority share in the company. The company said that the restructuring has also secured its stock market listing, central to creditors potentially recouping debts completely.
However, the company acknowledged that the equipment market was in serious difficulties due to industry overcapacity and two years of profitless prosperity, leading to severe restrictions on capital spending.
centrotherm photovoltaics said that it would continue to allocate expenditure to focus on next-generation R&D.